Oil Dips With Weakening Market Structure Holding Back Rebound
Bloomberg 3/15/2021 Andres Guerra Luz and Alex Longley
(Bloomberg) Oil declined for a second day as the market’s underlying structure weakened and the dollar strengthened.
Futures edged 0.3% lower in New York on Monday, paring earlier losses as U.S. equities reversed a decline. While the Bloomberg Dollar Spot Index faded from a session high, a small gain for the greenback still weighed on commodities priced in the currency.
Crude wasn’t able to shake off declines entirely as key calendar spreads weakened. West Texas Intermediate crude’s nearest timespread settled at its deepest contango structure since January, signaling oversupply. Flagging demand for U.S. exports is hitting the market at the same time as domestic oil output has outpaced the recovery in refineries after last month’s deep freeze.
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U.S. Stocks Edge Higher; Yield Spike Hits Tech
Bloomberg 3/15/2021 Vildana Hajric
(Bloomberg) U.S. stocks eked out a record, though rising Treasury yields continued to weigh on technology stocks. The dollar jumped.
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The S&P 500 closed higher amid rallies in financial and industrial shares as the rotation into value shares resumed. The Nasdaq 100 Index gauge slumped after accelerating vaccinations in the U.S. and the passage of the $1.9 trillion pandemic-relief bill sent Treasury yields past 1.64%. The Dow Jones Industrial Average added to its all-time high.
“There’s been a little more volatility than usual, particularly because there’s a number of crosscurrents both tailwinds and headwinds,” said Michael Reynolds, investment strategy officer at Glenmede.
Stocks Climb to All-Time Highs; Crude Oil Declines: Markets Wrap
Bloomberg 3/15/2021 Vildana Hajric and Claire Ballentine
(Bloomberg) U.S. stocks closed at a record high for a third consecutive trading session amid growing optimism over the budding economic recovery and progress on vaccines. Long-term Treasury yields edged lower.
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The benchmark S&P 500 Index gained for a fifth straight trading session, led by the utilities and real estate sectors. The Dow Jones Industrial Average also closed at a record and finished up for a seventh session in a row. Apple Inc., Tesla Inc. and Facebook Inc. led the tech-heavy Nasdaq 100 higher. Crude oil pared a loss of more than 2%.